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Here’s how it works:
Play Dark Depths, and then cast Vampire Hexmage. During your turn, the Hexmage remains as a competent blocker. If your opponent tries to Remove either Dark Depths or the Hexmage from play, sacrifice Hexmage to Remove all counters from Dark Depths. This triggers Dark Depths’ ability, allowing you to sacrifice it and put an indestructible 20/20 Flying token into play. If your opponent does nothing, sacrifice the Hexmage at the end of your opponent’s turn, allowing the token to untap and swing for 20 damage.
This combo also works well with Hex Parasite from New Phyrexia, shown above.